Goldman Sachs, a multinational investment banking firm, has unveiled its strategic plans to expand in India by establishing an eight-story office in Hyderabad. Additionally, the company aims to augment its workforce, increasing it to nearly 3,000 employees to support operations at the new office.
Currently, the Hyderabad office operates with a team of 1,000 professionals. With this expansion, the new office will transform into a 'centre of excellence' for consumer banking services, business analytics, and platform engineering. The center will also prioritise emerging technologies such as Artificial Intelligence and Machine Learning. These intentions were outlined in a press release subsequent to the meeting between Goldman Sachs Chairman and CEO David M Solomon and Hyderabad's Minister of IT and Industries, K T Rama Rao, which took place on Wednesday.
Extending gratitude to Goldman Sachs' leadership team, Minister Rama Rao remarked, “The efforts of the Telangana government in elevating Hyderabad into a preferred destination for BFSI firms have yielded positive results. Goldman Sachs’ expansion will further solidify Hyderabad’s position as a BFSI hub. The proactive measures to nurture the BFSI sector have significantly contributed to the city's allure as a financial hub. Top firms like MassMutual, HSBC, State Street, Berkadia, Wells Fargo, JP Morgan Chase, and Invesco have already established their robust presence in the city, experiencing multifaceted growth year after year.”
The investment banking firm also lauded Hyderabad’s abundant talent pool and the pro-business environment cultivated by the Telangana government within the BFSI ecosystem.
Solomon said, “The new office will serve as a pivotal innovation hub for various aspects of Goldman Sachs’ operations, further enhancing the institution’s global reputation. He added that Hyderabad’s robust BFSI ecosystem, progressive policies of the Telangana Government, and investment-friendly environment have motivated Goldman Sachs to expand its operations in the city.”
Goldman Sachs' strategic expansion decision aligns with state government initiatives, as this investment will bolster Telangana’s BFSI (Banking, Financial Services, and Insurance) sector.
Rama Rao also posted on X.com, “No better way to start my short working trip in the US than at the picturesque beautiful office of @GoldmanSachs at downtown New York
Goldman Sachs, leading global investment banking, and financial services firm will be expanding in a big way by adding 2,000 new jobs in Hyderabad"